Key Points
- Major shareholder Life Insurance Co Nippon bought 210,903 Corebridge Financial shares at an average $35.02 each, increasing its stake by 0.17% to 122.98 million shares. The purchase follows three additional acquisitions earlier in September.
- Corebridge reported quarterly EPS of $1.12, exceeding estimates of $1.08, though revenue of $4.30 billion fell short of the $4.66 billion consensus forecast.
- Shares opened at $34.90, near their 52-week high, while analysts maintain a “Moderate Buy” consensus with an average price target of $37.42. The company also declared a quarterly dividend of $0.25, yielding approximately 2.9% annually.
Corebridge Financial, Inc. (NYSE:CRBG - Get Free Report) major shareholder Life Insurance Co Nippon acquired 210,903 shares of the business's stock in a transaction that occurred on Tuesday, September 15th. The shares were purchased at an average price of $35.02 per share, with a total value of $7,385,823.06. Following the completion of the acquisition, the insider owned 122,980,307 shares of the company's stock, valued at $4,306,770,351.14. This represents a 0.17% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.
Life Insurance Co Nippon also recently made the following trade(s):
- On Monday, September 14th, Life Insurance Co Nippon acquired 295,967 shares of Corebridge Financial stock. The shares were purchased at an average cost of $34.86 per share, with a total value of $10,317,409.62.
- On Thursday, September 10th, Life Insurance Co Nippon bought 176,300 shares of Corebridge Financial stock. The stock was purchased at an average price of $34.01 per share, for a total transaction of $5,995,963.00.
- On Wednesday, September 9th, Life Insurance Co Nippon bought 136,466 shares of Corebridge Financial stock. The stock was purchased at an average cost of $33.78 per share, for a total transaction of $4,609,821.48.
Corebridge Financial Stock Up 0.1%
CRBG opened at $34.90 on Friday. Corebridge Financial, Inc. has a fifty-two week low of $22.19 and a fifty-two week high of $35.64. The business has a 50-day moving average of $32.79 and a 200-day moving average of $28.76. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.12 and a quick ratio of 0.12. The company has a market capitalization of $15.56 billion, a PE ratio of 20.41, a price-to-earnings-growth ratio of 0.45 and a beta of 1.08.
Corebridge Financial (NYSE:CRBG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $1.12 EPS for the quarter, beating the consensus estimate of $1.08 by $0.04. Corebridge Financial had a return on equity of 17.37% and a net margin of 4.37%.The business had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.66 billion. During the same quarter in the previous year, the business posted $1.36 EPS. Equities research analysts forecast that Corebridge Financial, Inc. will post 4.58 EPS for the current fiscal year.
Corebridge Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Corebridge Financial's payout ratio is currently 58.48%.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on CRBG shares. Barclays raised their price target on shares of Corebridge Financial from $30.00 to $33.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Zacks Research raised shares of Corebridge Financial from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Keefe, Bruyette & Woods raised their target price on Corebridge Financial from $40.00 to $43.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. Wells Fargo & Company boosted their price target on Corebridge Financial from $36.00 to $39.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 19th. Finally, Weiss Ratings upgraded Corebridge Financial from a "hold (c-)" rating to a "hold (c+)" rating in a research note on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Corebridge Financial presently has a consensus rating of "Moderate Buy" and an average price target of $37.42.
Read Our Latest Report on CRBG
Institutional Trading of Corebridge Financial
Several large investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC boosted its holdings in shares of Corebridge Financial by 23.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 14,676 shares of the company's stock worth $420,000 after buying an additional 2,814 shares during the period. Tidal Investments LLC lifted its position in Corebridge Financial by 42.8% during the 2nd quarter. Tidal Investments LLC now owns 93,351 shares of the company's stock worth $2,673,000 after acquiring an additional 27,992 shares during the last quarter. National Pension Service lifted its position in Corebridge Financial by 83.2% during the 2nd quarter. National Pension Service now owns 20,647 shares of the company's stock worth $591,000 after acquiring an additional 9,375 shares during the last quarter. WINTON GROUP Ltd bought a new stake in Corebridge Financial during the second quarter valued at about $1,729,000. Finally, Engineers Gate Manager LP bought a new stake in Corebridge Financial during the second quarter valued at about $4,186,000. 98.25% of the stock is owned by institutional investors.
Corebridge Financial Company Profile
(
Get Free Report)
Corebridge Financial, Inc (NYSE: CRBG) is a provider of retirement solutions and insurance products in the United States. The company serves individuals, employers, financial professionals and institutional clients through a range of businesses focused on helping customers build, preserve and receive income from their assets.
Its products and services include individual and group annuities, retirement plan solutions, life insurance and institutional insurance offerings. Corebridge also provides investment, recordkeeping and related administrative services for workplace retirement plans, as well as solutions designed to support financial institutions and other institutional customers.
Corebridge was established through the separation of American International Group's life and retirement business and began operating as an independent publicly traded company in 2022.
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